Friday, October 3, 2008

Term vs Life Insurance

If you already have a family, you should strongly insurance so that they will not immediately feel the financial impact of your passing, especially if you are the family breadwinner. What type of life insurance is best for you depends on your age and the money that you can afford to spend.

If you are young and have a lot of disposable income, it's best that you invest in a whole life insurance so that you get cheaper rates in the long run. These may be expensive though. If you are on a budget, you may just consider looking at some term life insurance quotes so that at least you are covered for a year. Take note, though, that for term life insurance, recomputation occurs later so you may have to shell out more and more as you grow older.

If you are past retirement age but would still want insurance (and you don't have a whole life policy), you can still go for term life insurance which would cover you for that year.

1 comment:

Matt said...

I'd also look at ReliaQuote.com for term life insurance quotes. I got a policy from them a few years back, and (at the time) they had the best prices. Some other good options are SelectQuote.com and AccuQuote.com.

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